For the second consecutive month, issuance of Ginnie Mae HECM backed mortgage securities (HMBS) have increased. The increase comes amidst a significant drop of total issuance by Ginnie Mae which has reached the second lowest total of the previous 15 months.
Issuance of HMBS totaled $940 million in March, a 3.8% increase over the $906 million issued in February. It is the fourth highest total HMBS issuance since January of 2010. By comparison, total issuance of all mortgage backed securities by Ginnie Mae totaled $24.14 billion in March, a nearly 8% drop from February and a 32% drop from the $35,293 issuance in January of 2010.
For the first three months of 2011, Ginnie Mae has now issued $2.7 billion in HMBS. This is 10% decrease from the first quarter of 2010 when HMBS issues topped $3.0 billion.